Saputo buys Australian dairy chain Everyday Cheese for $134M
Montreal-based Dairy Saputo Inc. says it will pay $134.4 million in cash to acquire the everyday cheese business Lion-Dairy & Drinks Pty Ltd. based in Victoria, Australia.
The purchase price doesn't include any debt but does include $104.1 million for inventory costs.
In buying the everday cheese business, Saputo gets access to a number of brands which together generate $156 million a year.
The deal will be processed through Saputo's Australian subsidiary, Warrnambool Cheese and Butter Factory Co. Holdings Ltd., and is expected to close in early May subject to regulatory and shareholder approval.
Everyday cheese currently employs about 170 people across Australia.
